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Bates mgt 103 midterm 2.
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Bates mgt 103 midterm 2.
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Bates mgt 103 midterm 2product positioning - ANS--relative position on where your product sits in the consumers
mind in comparison to others
-determines how best to communicate their products benefits to target consumers and
satisfy there needs and wants
increasing customer lifetime value - ANS--more often and larger purchases
-loyalty
-lower the cost to serve
-move loyal customers to lower cost channels
ex/golf ball aimed at future group
brand loyalty - ANS-process designed to telescope in on the core consumer
-focus on most involved consumers
-80% of sales come from 20% of consumers
durable goods - ANS-personal, relationship built, typically $$$
nondurable goods - ANS-consumer, advertising, need to be replaced
convenience products - ANS-consumer purchases them frequently, convienentley, and
with minimum effort
-no personal investment
shopping products - ANS--consumer compare alt types; price, quantity, and style
-brand is a little more important
speciality products - ANS--consumer makes special effort to search and get
-brand insistence!!
-higher priced and harder to find
-brand promotion focus
unsought products - ANS--consumer doesn't know bout until they need
-dont initially want
product class - ANS-ex/ running shoes
, product form - ANS--specific version of product class
ex/ hard surface running shoes
product line - ANS--all the products that brand has in one form
ex/ different colors or styles
ex/ apple MacBook- air, pro, etc
product mix - ANS-assortment of product lines
ex/ apple- product types
-each product has unique barcode called SKU
new products - ANS-- some functional difference from existing
product concept - ANS-1. core (value)
2. expected layer (growth)
3. augmented (growth slows down, differentiation takes place)
4. potential
reverse positioning - ANS--IKEA
continuous innovation - ANS--no need to educate customers
-consumers are aware of new features
dynamically continuous innovation - ANS--minor changes in consumer behavior needed
-markets educate consumers on use and benefits
ex/ diesel
discontinuous innovation - ANS--consumers have to learn entirely new consumption
patters
diesel--> electric car
product line extension - ANS-- change packaging but product stays the same
jump in innovation - ANS-ex/ upgraded camera on phone
-leads in innovation but offering functions the same
brand extension - ANS--move to different category
ex/ Clorox
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